Phibro Animal Health surges, tracking record daily gain on Zoetis portfolio buy

** Shares of Phibro Animal Health PAHC up 27.2% a $16.17 on Mon after co struck deal to buy Zoetis Inc's ZTS medicated feed additive portfolio for $350 mln

** PAHC's stock on course for biggest one-day pct gain ever, hits highest level since Mar 8, 2023

** The agreement reached on Sun also involves some of ZTS's water soluble products and six manufacturing sites across the U.S., Italy and China, the firms said

** Acquired portfolio generated $400 mln in rev in 2023. On a combined basis, PAHC sales in last 12 months would have been approx $1.4 bln, according to the statement

** PAHC expects the deal, slated to close by end of 2024, would boost its profitability and EBITDA margin, and to be funded primarily with debt

** About 381K PAHC shares have changed hands so far on the session compared to stock's 10-DMA volume of about 110K, per LSEG

** Shares now up ~39% YTD

** ZTS's stock up 2.6% at $162.47 on Mon, trimming YTD loss to ~18%